By AYUMI SUGIYAMA/ Staff Writer
November 26, 2024 at 17:53 JST
The Tokyo Stock Exchange in Tokyo’s Chuo Ward (Asahi Shimbun file photo)
The Nikkei 225 index plummeted by more than 700 points at one point on Nov. 26 amid growing concerns over U.S. President-elect Donald Trump’s protectionist trade policies.
The benchmark index ended the day at 38,442.00, down 338.14 points, or 0.87 percent, from the previous day’s close.
The market sell-off was triggered by Trump’s social media posts hours earlier, threatening to impose new tariffs of 10 percent on China and 25 percent on both Canada and Mexico after his inauguration in January.
The Tokyo Stock Exchange opened sharply lower, with selling pressure across a broad range of sectors.
Semiconductor-related stocks, including Advantest Corp. and Tokyo Electron Ltd., which have a significant impact on the Nikkei index, were among the hardest hit.
Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co., suggested the market’s reaction to Trump’s posts was relatively calm because investors have grown accustomed to his negotiating tactics.
Ichikawa added that any future volatility related to Trump’s policies would likely remain within a predictable range, as investors have already experienced similar episodes in the past.
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